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Important Queries Under Insurance

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QUESTION 1: How is the professional liability cover different from other liability covers?

REPLY: The professional liability insurance differs from other liability insurance policies in a few ways. These are as follows:

i). While other liability insurance policies usually specify the per occurrence limit, (there is usually a maximum limit for each claim), there is no limit per occurrence in case of a professional liability policy. Further, no distinction is made between bodily injury and property damage liability.

ii). Professional liability insurance is not restricted to accidental acts, faulty diagnosis or faulty performance is also covered. Deliberate acts giving unintended results are also covered in the policy.

iii). Professional liability policies usually cover the damage caused to the property in the custody or care of the insured as well.

iv). Professional liability insurance does not allow the settlement of the claim without the prior approval of the insured.

QUERY 2: Is a doctor also equally liable for the negligence of his Assistant and Nurse? (c) What is the protection assured under a Crime Insurance Policy? (d) Differentiate between a Fidelity Bond and Crime Insurance?

REPLY: The circumstances, applicable legislation, and the doctor’s connection with the assistant and nurse will all play a role in determining whether a doctor is responsible for the actions of their assistant and nurse.

Here are some crucial things to remember:

i). Vicarious Liability: If the negligent conduct occurred while the assistant or nurse was performing their job duties, many jurisdictions will hold the doctor vicariously accountable for the negligence of those individuals. This means that the doctor may be held accountable for the assistant’s or nurse’s acts if they were performing their job obligations and acting under the doctor’s direction or supervision when the negligence happened.

ii). Standard of Care: Medical professionals have a responsibility to give their patients an acceptable quality of care. A doctor may be held accountable for their own negligence in the supervision or training of assistants and nurses if that failing to do so contributed to the negligence or harm that resulted.

iii). Independent Contractors: The doctor’s liability for the assistant’s or nurse’s carelessness may differ if they are independent contractors as opposed to employees. In general, doctors may not have as much direct control and oversight over independent contractors, and their accountability may be restricted to their own acts or omissions rather than those of the independent contractor.

iv). Non-Delegable Duties: In some circumstances, such as when it comes to patient safety and specific medical treatments, doctors may have non-delegable responsibilities. Even if they were not actively involved or supervising at the time, non-delegable obligations ensure that the doctor cannot escape responsibility for the actions or inactions of their helpers and nurses. The doctor is still in charge of making sure the patient is given the right care and is safe.

QUERY 3: What is the protection assured under a Crime Insurance Policy?

REPLY: There are two types of financial protection that are available against the losses caused by crime.

They are fidelity and surety bonds and

burglary, robbery and theft insurance.

A bond is a legal instrument in which a third person (surety) ensures the performance of contract properly by the principal or the obligator.

A fidelity bond deals with assurance of bonafide behavior by an employee during the course of his employment.

In fidelity bond, the surety assures the employer of trust worthiness and honesty of the employee and agrees to pay the damages that arise due to the dishonest acts of that employee.

Money and security coverage pays for money and securities taken by burglary, robbery, theft, disappearance and destruction.

QUERY 4: Differentiate between a Fidelity Bond and Crime Insurance?

REPLY: A fidelity bond and crime insurance are both types of insurance coverage that protect against financial losses resulting from fraudulent or dishonest acts committed by employees or third parties.

However, there are some differences between the two:

Fidelity Bond: A fidelity bond, often referred to as an employee dishonesty bond or employee dishonesty insurance, is a type of insurance that guards against losses incurred by enterprises due to employee dishonesty. It usually compensates company losses brought on by employee theft, embezzlement, forgery, fraud, or other unethical behaviour.

Employers typically buy fidelity bonds to protect themselves against monetary losses resulting from wrongdoing on the part of their workforce.

Main characteristics fidelity bond’s are: Fidelity bonds explicitly cover damages brought on by an employee’s dishonest behaviour, such as theft or embezzlement.

i). Fidelity bonds typically demand the participation of an employee in order to activate coverage.

ii). Customizable Coverage: Fidelity bonds can be made to fit a company’s particular requirements, including coverage limitations, the kinds of dishonest acts that are covered, and the personnel or positions that are covered.

Crime Insurance: On the other hand, crime insurance is a broader category of insurance protection that guards against monetary losses brought on by a variety of illegal activities. It covers losses brought on by both third parties and employees, going beyond employee dishonesty.

In fidelity bond, the surety assures the employer of trust worthiness and honesty of the employee and agrees to pay the damages that arise due to the dishonest acts of that employee.

Money and security coverage pays for money and securities taken by burglary, robbery, theft, disappearance and destruction.

A wide range of criminal behaviours that could cause a firm financial harm are covered by crime insurance. Crime insurance’s key characteristics are as follows:

i). Coverage for Various Criminal activities: Losses brought on by employee dishonesty, forgery, theft, robbery, computer fraud, extortion, and other criminal activities are often covered by crime insurance.

ii). Greater Coverage: Unlike fidelity bonds, crime insurance can also cover losses brought on by third parties, like customers, suppliers, or outside fraudsters.

iii). Protection that is Complete: Crime insurance offers a more complete coverage option, addressing several criminal dangers that a firm may encounter.

DISCLAIMER: the case study presented here is only for sharing information with the readers. The views are personal, shall not be considered as professional advice. In case of necessity do consult with professionals.

Link Your PAN Card with Aadhaar Number?

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Aadhaar is a 12-digit unique identification number issued by the Indian government to its citizens, while Permanent Account Number (PAN) is a 10-digit alphanumeric number issued by the Income Tax department to individuals and entities for tax purposes. The Indian government has mandated that all PAN holders must link their Aadhaar number to their PAN card. The deadline to link Aadhaar with PAN has been extended several times in the past, and the latest deadline is March 31, 2023. If an individual fails to link their Aadhaar with their PAN by the deadline, their PAN card will become inoperative from April 1, 2023. This means that the individual will not be able to use their PAN card for any financial transactions that require it, such as opening a bank account, filing income tax returns, or making investments.

Last date and fee for linking PAN-Aadhaar

Here are some key points to keep in mind regarding the deadline to link PAN with Aadhaar and the associated fee:

The original deadline to link PAN with Aadhaar was 31st March 2022.

The Central Board of Direct Taxes (CBDT) extended this deadline to 31st March 2023. This means that individuals have until 31st March 2023 to link their PAN with Aadhaar. However, to initiate the linking process, individuals are required to pay a fee of Rs 1,000. This fee is applicable only if the linking is done after the original deadline of 31st March 2022.

If the linking is done before the original deadline, there is no fee charged.

LETTER OF INDEMNITY SIMPLE FORMAT

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LETTER OF INDEMNITY

To:

Assessing Officer

Income Tax Department

Sir,

Sub:                Request to Register as ‘Representative Assessee’ for (Late) Sri.

…………………………………………….. and His PAN :

1)         I/We, the undersigned, hereby inform you that (Late) Sri……………………………, holder of Permanent Account Number ………… and resident of ………………… …………………………………………………………………………………………………..(Deceased) / died on ………….. at…………………………………………………………

2)         That, the Deceased died (tick the appropriate option) :

o        Intestate, i.e. without leaving behind a valid and enforceable will, and that in accordance with the law of intestate succession as applicable to him/her at his/her time of death, the Deceased left behind as his/her only surviving heirs, claimants or next of kin, the following persons:

o        Deceased died leaving his last Will and Testament dated …………………………. and

we the undersigned are the executors and beneficiaries thereof;  and further, that we are the only persons entitled to the estate of the Deceased, as legal heirs:

S.No.NamePAN numberAddressRelationship with DeceasedAge
1       Son 
2       Daughter 

3)         I/We affirm that I/we am/are the sole legal heirs of the Deceased and there are no orders, decrees, judgments or ongoing proceedings before a court of law or other forum contrary to our claims as legal heirs vis-a-vis the estate of the Deceased.

4)         I/We have requested you, the Income Tax Department, to allow Sri………………  holder of PAN Number …………………… being one of the legal heirs to the Deceased, to act in capacity of the ‘Representative Assessee for the Deceased in accordance with Section 159 of the Income Tax Act, 1961, and allied provisions and rules, on my/our behalf and you have kindly agreed to do so on my/our executing an indemnity as is contained herein, and on relying on the information given by us herein believing the same to be true, complete and accurate.

5)         In consideration therefore, of your approving our request in allowing Sri…………..  holder of PAN Number …………….. to act in capacity of  ‘Representative Assessee’ for the Deceased in accordance with Clause 4 above, I/we, the legal heirs aforementioned, for myself/ourselves and my/our respective heirs executors and administrators jointly and severally hereby indemnify you, the Income Tax Department, and agree to keep indemnified and hold the Income Tax Department saved, harmless and defended for all time hereafter from and against all losses, claims, legal proceedings, actions, demands, risks, charges, damages, costs, expenses, including attorney and legal fees and penalties whatsoever which may be initiated against the Income Tax Department, or be paid, sustained, suffered or incurred by the Income Tax Department howsoever, as a consequence direct or indirect by reason of the Income Tax Department having agreed at my/our stated request. If called upon by the Income Tax Department to do so, I/we shall join any proceedings that may be initiated against the Income Tax Department and I/we shall defend at our cost any such proceedings. Further, I/we shall initiate such proceedings as may be considered necessary by the Income Tax Department, if called upon by the Income Tax Department to do so, in order to protect the Income Tax Department’s interests and to further and perfect the indemnity granted hereby in favor of the Income Tax Department.

In witness whereof signed and delivered by the legal heirs :

No.Name of Legal HeirPAN NumberSignature
1   
2   

VERIFICATION

    WE  Sri………………………, Son of (Late) Sri………………………, holder of PAN No……………… aged about … years, residing at …………………………….. …………………………………………. ………………………………………….  &  Sri………………………, Son of (Late) Sri………………………, holder of PAN No……………… aged about … years, residing at …………………………….. …………………………………………. ………………………………………….  

Indian Citizen, do hereby state that the facts mentioned hereinabove are true and correct to

the best of my knowledge and belief.

Solemnly affirmed at my office at ……………………………. on this ………. Day of …………………… 2021 and signed in my presence.
       

Place :
  Delete it & Enter Legal Heir-1Enter Name of Legal Heir-2
Date  :  Signature of Deponent(s)

HRA receipt u/s.10(13A) and Form No.10BA

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RECEIPT OF HOUSE RENT :-

[ Under Section 10(13A) of Income Tax Act ]

Received a yearly sum of Rs. 60,000 /- (Rupees Sixty Thousands only) towards the rent @ Rs.5,000 /- (Rupees Five Thousands only) per month from 01-April-2021 to 31-March-2022 in respect of House situated at ……………………………………………………………………………………..

……………………………………………………………………………………………………………………………….

……………………………………………………………………………………………………………………………….


PARTICULARS OF HOUSE OWNER / LANDLORD

Name of House Owner / LandLord


Address of House Owner / LandLord


PAN number of House Owner / LandLord


Resident Status of House Owner (Tick)



Resident / Ordinary Resident



NRI – Non-Resident Indian
Signature of House Owner / LandLord

Paste Rs.1/- Revenue Stamp and sign across it
Name of House Owner in Capital Letter


Place :

Date : 31-March-2022

FORM NO. 10BA

[ See rule 11B of Income-Tax Rules, 1962 ]


I/We ………………………………………………………………………… (Name of the Tenant / assessee with PAN) do hereby certify that during the Financial Year : 2021-22 (i.e) 01-04-2021 to 31-03-2022, I/we had occupied the premise ……………………………………………………………………………….

……………………………………………………………………………………………………………………………

for the purpose of my/our own residence for a period of ……………………………… months and have paid Rs………………………………………………………………………………………………….. in cash* / through crossed cheque / NEFT / IMPS / Cashless Digital mode of Transfer towards payment of rent to Landlord Shri/Smt. …………………………………………………………

……………………………………………………………………………………………………………………………

……………………………………………………………………………. (Name and complete address of the landlord).

and PAN number of LandLord is ……………………………………………………………………………


It is further certified that no other residential accommodation is owned by

(a) me/my spouse / my minor child / our family (in case the assessee is HUF), at ordinarily reside / perform duties of office or employment or carry on business or profession,

OR

(b) me/us at any other place, being accommodation in my occupation, the value of which is to be determined u/s 23(2)(a)(i) or u/s 23(2)(b).


Signature of Assessee / Tenant


Name of Assessee / Tenant


Date : 31-March-2022


Place :


* upto Rs.1 Lakh


Corporate Compliance for the month April 2022

Compliance requirement under Income Tax act, 1961 {IT ACT, 1961}

  Sl.  Compliance Particulars  Due Dates  
  1​Due date for deposit of Tax deducted by an office of the government for the month of March, 2022.   However, all sum deducted by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan.  07.04.2022
2.Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB, and 194M in the month of Feb 2022.14.04.2022
  3Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending March, 2022.  15.04.2022
  4​Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of March, 2022.    15.04.2022
  5Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB, 194-IM,  in the month of March, 2022.  30.04.2022
  6Quarterly return of non-deduction at source by a banking company from interest on time deposit in respect of the quarter ending March 31, 2022.30.04.2022
  7Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for the previous month.  30.04.2022
8Due date for deposit of TDS for the period January 2022 to March 2022 when Assessing Officer has permitted quarterly deposit of TDS under section 192, section 194A, section 194D or section 194H.30.04.2022
9A self-declaration form for seeking non-deduction of TDS on specific income as annual income of the tax assessee is less than the exemption limit. Upload declarations received from recipients in Form No. 15G/15H during the quarter ending March 2022.30.04.2022
10Equalisation Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non-Residents only)  exceeds Rs. 1,00,000 in one financial year for the specified and notified services30.04.2022
11​Due date for e-filing of a declaration in Form No. 61 containing particulars of Form No. 60 received during the period October 1, 2021, to March 31, 202230.04.2022
12Equalisation Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non-Residents only)  exceeds Rs. 1,00,000 in one financial year for the specified and notified services30.04.2022

2. Compliance Requirement under GST, 2017


A. Filing of GSTR –3B / GSTR 3B QRMP

a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY

Tax periodDue DateParticulars
March, 202220th April, 2022Due Date for filling GSTR – 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.
Due Date for filling GSTR – 3B return for the quarter of January to March 2022 for the taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.

b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)

Tax periodDue DateNo interest payable tillParticulars
March, 202222nd April, 2022
Due Date for filling GSTR – 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep

c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)

Tax periodDue DateNo interest payable tillParticulars
March, 202224th April, 2022

Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi

B. Filing Form GSTR-1:

Tax periodDue DateRemarks
Monthly return (March, 2022)11.04.2022“1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceeding year.
2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP”


C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers

Form No.Compliance ParticularsTimelineDue Date
GSTR-5 & 5ANon-resident ODIAR services provider file Monthly GST Return20th of succeeding month20.04.2022

GSTR -6
Every Input Service Distributor (ISD)
13th of succeeding month

13.04.2022

GSTR -7
Return for Tax Deducted at source to be filed by Tax Deductor
10th of succeeding month

10.04.2022

GSTR -8
E-Commerce operator registered under GST liable to TCS10th of succeeding month10.04.2022


3. Key Compliances under FEMA / RBI


Applicable Laws/ActsDue DatesCompliance ParticularsForms / (Filing mode)

FEMA ACT 1999
Not later than 30 days from the date of issue of Capital instrumentFC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India.
Form FC-GPR



FEMA ACT 1999
With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier.Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS. The onus of reporting shall be on the resident transferor/ transferee.


Form FC-TRS.


FEMA ACT 1999
within 30 days from the date of receipt of the amount of consideration.A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1

Form FDI LLP-I


FEMA ACT 1999

within 60 days from the date of receipt of funds in
A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa)
Form FDI LLP-II

FEMA ACT 1999

within 30 days from the date of allotment

The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored
Downstream statement -Form DI & reporting

CA Fees estimation letter (Sample)

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Date: 1-Apr-2022

To

XXXXXXXXXXXXXXXX

Respected Sir / Madam

Subject:            Estimate of fees for carrying on Internal Audit – shared as per your request over phone / email

Reference:        Based on phone call / email from your representative Mr. ________________ on _________

In connection with the request made by Mr. / Mrs. _____________________ (Designation: ___________ ) of your concern, we have furnished hereunder an estimate of fees for the assignment proposed:

Sl.No.Description of WorkEstimate of Days / Hours / Units involvedAmount (INR)
1Internal Audit FeesFlat Rate0.0
2Certification Fees (For Internal Purposes)Rs.____/- per certificate issued0.0
3Certification Fees (For External Purposes)Rs.____/- per certificate issued0.0
Total0.0
4Travel ExpensesAs the work requiresAs per Actual Claim Forms and/or proofs submitted

Kindly note that the estimate of fees shared above is based on the facts and statements made during the conversation with the aforementioned representative of your concern. Any deviations therefrom in the scope of work, reporting formats and certificates to be issued requiring additional professional hours from our part shall warrant an increase in fees stated above.

Other Payment terms:

  • All our bills are due within 10 days of being generated.

Yours truly

For ZZZZZZZZZZZ

Chartered Accountants

(FRN: 0000000)

YYYYYYYYYYYYYYY

Chartered Accountant

M. No. 000000

Latest Accounting Trends Every Business Should Follow in 2021

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The year 2020 has been important for every type of business size – small, medium, large. To prevent the spread of COVID-19, the government announced a prolonged global shutdown. In the meantime, many businesses had to take quick measures (such as the right use of business software, accounting software) to move quickly. While many others were not so lucky and were forced to close forever as a result. Thus, to remain contact-less, all of us started using online platforms and business software. And, thus, started shifting business to a purely electronic medium.

Now, we have covered almost the entire journey of 2020, and with this, we will definitely not want to harm our business with any kind of pandemic in 2021 or the near future. For this, we have to equip our business with more advanced software technologies for our future.

This blog is about the same subject, how we can give a great business experience to our business and customers without any hassle through advanced accounting software. And can make the business ahead of the according to of the latest market trend.

A digital and cultural shift in accounting

A Sage report suggests that about 90% of accountants feel that accounting is undergoing a cultural shift that is tilting more toward technological adoption.

This shift is driven by many factors such as marketing demand, consumer demand, market trends, rules, and generational changes that keep pace with the accounting world. With such changes in the industry, more and more accounting professionals are discovering new strengths in using advanced solutions for accounting processes. Thus, any organization needs to reshape its business strategies to stay updated with recent digital and cultural events developments. In which smart and advanced accounting and GST billing software play an important role.

Let’s dive into and adopt more comprehensive discussions of each accounting trend and technique in the accounting industry.

Emerging Accounting Trends

Focus on automates accounting process

In this changing business environment, what makes us more popular and up-to-date is the correct use of technology to automate business processes. With automation, a business owner gets rid of doing manual work. The system ensures error-free processing, saving time as well as helping professionals become better. Business accounting is critical. There is no other chance for mistakes. Thus, companies are investing more in automated accounting solutions. In this way, the automated accounting process will drive companies to make decisions based on more data than before.

Increase in Demand for Accounting Software Solutions

According to a report by Fortune Business Insights, the accounting software market will experience a higher level of growth in the years ahead(i.e. 2021). And, during the forecast period of 2019 to 2024, the market will grow at a CAGR of 8.5%.

As we are still experiencing the effects of the COVID epidemic in our daily lives. Now businesses are more likely to use accounting software instead of manual accounting. Therefore, businesses are growing and using robust solutions by adopting technically driven accounting solutions. These solutions optimize processes and reduce manual tasks. In this way, there is a strong demand for software platforms for managing  accounting  spreadsheets. It gives a better understanding of tax management.

Trendy accounting software, therefore, gives businesses the ability to manage vast datasets, enabling accounting firms to have detailed financial reporting and sophisticated data analytics.

Focus on Outsourced Accounting Functions

Nowadays doing business is unpredictable. It is the reason that the demand of customers keeps changing with time. That’s why businesses now outsource the demanding business accounting functions of demand. Thus, this accounting trend allows establishing the business in work resources. This way, outsourcing lets companies focus more on their limited resources, increasing profitability. It also saves them employment costs like payroll, taxation, salaries, benefits, and training expenses. Hence, outsourcing accounting functions is becoming a popular strategy among many companies.

Focus on Cloud-Based Accounting

A survey stated that around 67% of accountants now believe that cloud technology can make their roles easier.

A cloud-based accounting system gives companies access to their systems at any time. The software provides features that track inventory, sales, and expenses, which help create an accurate report. These reports help business owners to plan future strategies to achieve maximum benefits. As a result, it transfers more and more business owners to these new accounting and finance trends.

Focus on Data Analytics

In the present business environment, effective data analysis is key to success. Every business accountant knows how to work with data to make strategic business decisions and meet the business demands. This way, the accounting industry’s focus on data analytics. It leads them towards more efficient management of the accounting process. This way, it tracks & improves performance, identify & manage risks, and finally enhance the customer experience with the business.

Focus on Remote Work Setting

As in 2020, we have seen the value of remote working patterns. Now, more and more businesses are accepting the trend of allowing them to engage in remote work as a result of this. They are allowing their employees to work from home regularly. Therefore, it is necessary to accept this changing trend for future aspects. With the emergence of computerized accounting systems, accountants working from home have been able to produce excellent results in their work.

Focus on Blockchain in Accounting

Blockchain is an important accounting technology in this Present business scenario. It effectively manages the business transactions and maintains accurate financial information. The use of blockchain in accounting software gives accountants a seamless accounting ecosystem. It provides clarity of business resources and can dramatically improve efficiency. Thus, it helps organizations to gain transparency on their available resources. And, frees up resources to focus on planning and evaluation rather than record-keeping.

Focus on Use of Social Media

In this modern era, no one can be untouched by the influence of social media. It is available in almost every business sector to make the business more informed and decisive. Any business owner can consider this as an influential sales and branding tool for accountants. Consequently, a compelling social media strategy can achieve business success in business. Therefore, in 2021, new accounting trends are sure to see social media platforms playing a significant role in marketing in the coming year.

Focus on Artificial Intelligence

Artificial intelligence is today’s technology. Each business sector is seeking advice from the trade to make it more efficient. It helps in analyzing large volumes of data at high speeds, as well as generating more accurate data at increased productivity and lower costs. While in accounting, it streamlines administrative tasks and accounting processes in a more planned mode. In this way, it allows business persons/accountants to achieve a new level of efficiency for the workflow.

Focus on Big Data

Big data plays an important role in many business areas. While evaluating its role in accounting, it facilitates businesses with many advanced techniques. It gives accountants an idea about how to make the data collected for your business valuable. And, also gives them a plan to turn it into actionable insights. In this way, with the use of big data, accountants and experts transform critical internal data sets into secure, vigorous, and critical data analysis.

Final Words

We have a lot of current business scenario. It tells us the importance of software and technology and also motivates us to keep updating over time. In this blog, we have learned the upcoming / latest trends of the accounting sector and their uses. This will result in enhanced and effective business decisions and profitable outcomes.

If you’re looking for accounting platforms that fit your budget, you can check out the SWIL India accounting solutions that are more agile and fit for any future challenge.

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Calculation of machine electricity and consumption

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Historically, horsepower was the first power unit emerged and widely used around the world. In the middle ages, a horse was one of the most important elements of almost every household, that is why starting from the 18th century, with the development of first steam engines, a horsepower was chosen as a great comparative unit of power.

In our times, there are a few types of horsepower are used. In those countries where the Imperial system is practiced, mechanical or imperial horsepower is used, which is approximately equal to 745.7 watts. Electrical horsepower is a unit that is equivalent to 746 watts. It is usually used for rating electric motors and engines. There is also metric horsepower which has been used in Europe since the beginning of the 19th century. It is equivalent to roughly 735.5 watts.

Horsepower to Kilowatts Calculation

1 hp = 33,000 ft·lbf / minutes

1 hp = 33,000 ft·lbf / 60 seconds

1 hp = 550 x 0.3048 x 0.453592376 m·kgf/s

1 hp = 76.04022591264 kgf·m/s

applying gravity constant

1 hp = 745.699872 N·m/s

by definition

1 ft = 0.3048 m

1 lb = 0.453592376 kg

we need kilowatts

1 kW = 1000 W

1 hp = 745.699872 N·m/s · (1/1000)

1 hp = 0.745699872 kW

Hp to kW Conversion Table

HorsepowerKilowattsRounded Kilowatts
1 hp0.745699872 kW1 kW
5 hp3.72849936 kW4 kW
10 hp7.45699872 kW7 kW
15 hp11.18549808 kW11 kW
20 hp14.91399744 kW15 kW
25 hp18.6424968 kW19 kW
30 hp22.37099616 kW22 kW
35 hp26.09949552 kW26 kW
40 hp29.82799488 kW30 kW
45 hp33.55649424 kW34 kW
50 hp37.2849936 kW37 kW
55 hp41.01349296 kW41 kW
60 hp44.74199232 kW45 kW
65 hp48.47049168 kW48 kW
70 hp52.19899104 kW52 kW
75 hp55.9274904 kW56 kW
80 hp59.65598976 kW60 kW
85 hp63.38448912 kW63 kW
90 hp67.11298848 kW67 kW
95 hp70.84148784 kW71 kW
HorsepowerKilowattsRounded Kilowatts
100 hp74.5699872 kW75 kW
105 hp78.29848656 kW78 kW
110 hp82.02698592 kW82 kW
115 hp85.75548528 kW86 kW
120 hp89.48398464 kW89 kW
125 hp93.212484 kW93 kW
130 hp96.94098336 kW97 kW
135 hp100.66948272 kW101 kW
140 hp104.39798208 kW104 kW
145 hp108.12648144 kW108 kW
150 hp111.8549808 kW112 kW
155 hp115.58348016 kW116 kW
160 hp119.31197952 kW119 kW
165 hp123.04047888 kW123 kW
170 hp126.76897824 kW127 kW
175 hp130.4974776 kW130 kW
180 hp134.22597696 kW134 kW
185 hp137.95447632 kW138 kW
190 hp141.68297568 kW142 kW
195 hp145.41147504 kW145 kW
200 hp149.1399744 kW149 kW

once you worked out  your machine’s KW you can easily calculate per day consumption of electricity (KWh*no. of hours machine run time per shift * no of shifts per day*no days factory run in a month)*Electricity charges per KWH (unit)

you will get your machine’s electricity consumption cost which will be very helpful in determination of costing of products.

Accounting Trends Every Business Should Follow in 2021

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The year 2020 has been important for every type of business size – small, medium, large. To prevent the spread of COVID-19, the government announced a prolonged global shutdown. In the meantime, many businesses had to take quick measures (such as the right use of business software, accounting software) to move quickly. While many others were not so lucky and were forced to close forever as a result. Thus, to remain contact-less, all of us started using online platforms and business software. And, thus, started shifting business to a purely electronic medium.

Now, we have covered almost the entire journey of 2020, and with this, we will definitely not want to harm our business with any kind of pandemic in 2021 or the near future. For this, we have to equip our business with more advanced software technologies for our future.

This post is about the same subject, how we can give a great business experience to our business and customers without any hassle through advanced accounting software. And can make the business ahead of the according to of the latest market trend.

A digital and cultural shift in accounting

A Sage report suggests that about 90% of accountants feel that accounting is undergoing a cultural shift that is tilting more toward technological adoption.

This shift is driven by many factors such as marketing demand, consumer demand, market trends, rules, and generational changes that keep pace with the accounting world. With such changes in the industry, more and more accounting professionals are discovering new strengths in using advanced solutions for accounting processes. Thus, any organization needs to reshape its business strategies to stay updated with recent digital and cultural events developments. In which smart and advanced accounting and GST billing software play an important role.

Let’s dive into and adopt more comprehensive discussions of each accounting trend and technique in the accounting industry.

Emerging Accounting Trends

Focus on automates accounting process

In this changing business environment, what makes us more popular and up-to-date is the correct use of technology to automate business processes. With automation, a business owner gets rid of doing manual work. The system ensures error-free processing, saving time as well as helping professionals become better. Business accounting is critical. There is no other chance for mistakes. Thus, companies are investing more in automated accounting solutions. In this way, the automated accounting process will drive companies to make decisions based on more data than before.

Increase in Demand for Accounting Software Solutions

According to a report by Fortune Business Insights, the accounting software market will experience a higher level of growth in the years ahead(i.e. 2021). And, during the forecast period of 2019 to 2024, the market will grow at a CAGR of 8.5%.

As we are still experiencing the effects of the COVID epidemic in our daily lives. Now businesses are more likely to use accounting software instead of manual accounting. Therefore, businesses are growing and using robust solutions by adopting technically driven accounting solutions. These solutions optimize processes and reduce manual tasks. In this way, there is a strong demand for software platforms for managing  accounting  spreadsheets. It gives a better understanding of tax management.

Trendy accounting software, therefore, gives businesses the ability to manage vast datasets, enabling accounting firms to have detailed financial reporting and sophisticated data analytics.

Focus on Outsourced Accounting Functions

Nowadays doing business is unpredictable. It is the reason that the demand of customers keeps changing with time. That’s why businesses now outsource the demanding business accounting functions of demand. Thus, this accounting trend allows establishing the business in work resources. This way, outsourcing lets companies focus more on their limited resources, increasing profitability. It also saves them employment costs like payroll, taxation, salaries, benefits, and training expenses. Hence, outsourcing accounting functions is becoming a popular strategy among many companies.

Focus on Cloud-Based Accounting

A survey stated that around 67% of accountants now believe that cloud technology can make their roles easier.

A cloud-based accounting system gives companies access to their systems at any time. The software provides features that track inventory, sales, and expenses, which help create an accurate report. These reports help business owners to plan future strategies to achieve maximum benefits. As a result, it transfers more and more business owners to these new accounting and finance trends.

Focus on Data Analytics

In the present business environment, effective data analysis is key to success. Every business accountant knows how to work with data to make strategic business decisions and meet the business demands. This way, the accounting industry’s focus on data analytics. It leads them towards more efficient management of the accounting process. This way, it tracks & improves performance, identify & manage risks, and finally enhance the customer experience with the business.

Focus on Remote Work Setting

As in 2020, we have seen the value of remote working patterns. Now, more and more businesses are accepting the trend of allowing them to engage in remote work as a result of this. They are allowing their employees to work from home regularly. Therefore, it is necessary to accept this changing trend for future aspects. With the emergence of computerized accounting systems, accountants working from home have been able to produce excellent results in their work.

Focus on Blockchain in Accounting

Blockchain is an important accounting technology in this Present business scenario. It effectively manages the business transactions and maintains accurate financial information. The use of blockchain in accounting software gives accountants a seamless accounting ecosystem. It provides clarity of business resources and can dramatically improve efficiency. Thus, it helps organizations to gain transparency on their available resources. And, frees up resources to focus on planning and evaluation rather than record-keeping.

Focus on Use of Social Media

In this modern era, no one can be untouched by the influence of social media. It is available in almost every business sector to make the business more informed and decisive. Any business owner can consider this as an influential sales and branding tool for accountants. Consequently, a compelling social media strategy can achieve business success in business. Therefore, in 2021, new accounting trends are sure to see social media platforms playing a significant role in marketing in the coming year.

Focus on Artificial Intelligence

Artificial intelligence is today’s technology. Each business sector is seeking advice from the trade to make it more efficient. It helps in analyzing large volumes of data at high speeds, as well as generating more accurate data at increased productivity and lower costs. While in accounting, it streamlines administrative tasks and accounting processes in a more planned mode. In this way, it allows business persons/accountants to achieve a new level of efficiency for the workflow.

Focus on Big Data

Big data plays an important role in many business areas. While evaluating its role in accounting, it facilitates businesses with many advanced techniques. It gives accountants an idea about how to make the data collected for your business valuable. And, also gives them a plan to turn it into actionable insights. In this way, with the use of big data, accountants and experts transform critical internal data sets into secure, vigorous, and critical data analysis.

Final Words

We have a lot of current business scenario. It tells us the importance of software and technology and also motivates us to keep updating over time. In this blog, we have learned the upcoming / latest trends of the accounting sector and their uses. This will result in enhanced and effective business decisions and profitable outcomes.

If you’re looking for accounting platforms that fit your budget, you can check out the SWIL India accounting solutions that are more agile and fit for any future challenge.

TCS Rate Chart for FY 2019-20 and 2020-21

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TCS Rate Chart for FY 2019-20 and 2020-21:

  1. CATEGORY – 1: SECTION 206C (1)

Every person, being a seller, shall at the time of debiting the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer, whichever is earlier, collect from the buyer of any goods of the nature specified in column (1) of the Table below, a sum equal to the percentage, specified in the corresponding entry in column (2) of the said Table, of such amount as income-tax:

NATURE OF GOODS – SECTION 206C (1)RATE (Up to 13th May 2020)Rate (From 14th May 2020 to 31st March 2021)
Alcoholic liquor for human consumption1%1%
Tendu Leaves5%3.75%
Timber obtained under a forest lease2.5%1.875%
Timber obtained by any mode other than a forest lease2.5%1.875%
Any other forest produce (not being timber/tendu leaves)2.5%1.875%
Scrap1%0.75%
Minerals, being coal or lignite or iron ore1%0.75%
  • CATEGORY – 2: SECTION 206C (1C)

Every person, who grants a lease or a license or enters into a contract or otherwise transfers any right or interest either in whole or in part in any parking lot or toll plaza or mine or quarry, to another person, other than a public sector company (hereafter in this section referred to as “licensee or lessee”) for the use of such parking lot or toll plaza or mine or quarry for the purpose of business shall, at the time of debiting the amount payable by the licensee or lessee to the account of the licensee or lessee or at the time of receipt of such amount from the licensee or lessee, whichever is earlier, collect from the licensee or lessee of any such license, contract or lease of the nature specified in column (1) of the Table below, a sum equal to the percentage, specified in the corresponding entry in column (2) of the said Table, of such amount as income-tax:

NATURE OF CONTRACT OR LICENSE OR LEASE – SECTION 206C (1C)RATE (Up to 13th May 2020)Rate (From 14th May 2020 to 31st March 2021)
Parking Lot2%1.5%
Toll Plaza2%1.5%
Mining and Quarrying2%1.5%
  • CATEGORY – 3: SECTION 206C (1F)

Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding Rs. 10,00,000, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 1% of the sale consideration as income-tax. From 14th May 2020 to 31st March 2021, this rate has been revised to 0.75%

  • CATEGORY – 4: SECTION 206C (1G)

Every person, being an authorized dealer, shall collect tax at the following rates from the remittance made out of India under the Liberalized Remittance Scheme of the RBI:

  1. Section 206C (1G) (a): At the rate of 0.5%, where the amount being remitted is towards repayment of loan, which is obtained from a banking company (including any bank or banking institution) or any other financial institution notified by the Central Government under section 80E, for the purpose of pursuing any education. If the buyer does not furnish his PAN, the tax shall be collected at the rate of 10% in accordance with Section 206CC;
  • Section 206C (1G) (b): Where the amount is remitted for any other purpose, the tax shall be collected at the rate of 5% if the buyer has furnished his PAN, otherwise tax shall be collected at the rate of 10% in accordance with Section 206CC.
  • CATEGORY – 5: SECTION 206C (1G)

Every person, being a seller of an overseas tour programme package, shall collect tax at the rate of 5% if the buyer has furnished his PAN, otherwise tax shall be collected at the rate of 10% in accordance with Section 206CC.

  • CATEGORY – 6: SECTION 206C (1H)

Every person, being a seller who receives any amount as consideration for sale of any goods, shall collect tax at the rate of 0.1% if the aggregate value of such sale in any previous year exceeds Rs. 50 lakhs. The rate shall be 0.075% till 31st March 2020.